MicroPort EP(SH:688351) Donghai Securities·2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company has shown strong revenue growth, with a 2023 revenue of 329 million yuan, representing a 26.46% increase year-on-year. The net profit attributable to the parent company was 6 million yuan, up 85.17% [10]. - The company is actively expanding its domestic and international markets, with significant increases in three-dimensional surgical procedures and product adoption [3][4]. - The report highlights a robust pipeline of projects, including clinical trials for new catheter products and collaborations with other firms to enhance product offerings [11][21]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 329 million yuan, with a year-on-year growth rate of 26.46%. The net profit attributable to the parent company was 6 million yuan, reflecting an 85.17% increase [10]. - The revenue breakdown shows that catheter products generated 219 million yuan (+32.0%), while equipment products saw a decline of 60.0% to 17 million yuan, and needle sheath products increased by 68.9% to 84 million yuan [10]. Market Expansion - The company has successfully penetrated both domestic and international markets, with its products covering over 1,000 hospitals across 31 provinces in China and 35 countries globally [3][4]. - The TrueForce® pressure catheter has been used in over 1,000 procedures, and the company has received multiple certifications for its products, including CE and FDA approvals [3]. Product Development - The company is advancing its research and development pipeline, with several projects in clinical trials and collaborations aimed at enhancing its product portfolio [11]. - The report notes that the company is focusing on cost control and efficiency improvements, which are expected to enhance profitability as it navigates the challenges posed by market changes [21].